Glossary
Macro & Markets
Economy
If economics is the study of how scarce resources are allocated i.e. notionally the allocation of demand for finite resources (such as workers, land, raw materials), a country’s economy by extension can be defined as the systems it has created that define how those resources are distributed. The interplay between the production and consumption of goods and services, capital, labour, price and consumer choice lie within the framework of a country’s economy.